What is goodwill in accounting terms?

Answer In accounting terms, goodwill is an intangible asset with no physical existence. Goodwill is listed as an asset on the balance sheet. It must be tested for loss in value annually.DefinitionGoodwill... Read More »

Top Q&A For: What is goodwill in accounting terms

What Is a Negative Goodwill in Accounting?

The purpose for recording goodwill is that a company may be willing to pay more than another company's value to acquire it. This is because the target company has beneficial qualities that it doesn... Read More »

What is reconciliation in accounting terms?

Reconciling an account is the same as balancing your checkbook. It means that you are using a period end statement with a beginning and ending balance, and matching it against your own numbers.Def... Read More »

What Is Coding in Accounting Terms?

Coding in accounting is the process of assigning numbers or letters to data to create a fast-search database. Accounting codes are not universal as every accountant, accounting firm, institution or... Read More »

In Accounting Terms, What Is the Principle of Consistency?

In accounting, principles and guidelines of bookkeeping are set by GAAP, Generally Accepted Accounting Principles. These principles and guidelines set up for businesses are in place for many reason... Read More »